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Compute Prance current income tax expense for the year

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Reference no: EM132751482

Question - In 2020, Prance reports $1,106,700 of pretax book net income, and the book depreciation exceeds tax depreciation that year by $39,525. Prance reports no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21%, and Prance earns an after-tax rate of return on capital of 8%.

If required, round your computations to the nearest dollar. For 2020, compute Prance's current income tax expense for the year.

Reference no: EM132751482

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